I am excited to have a mobile optimized version of my site now online. From a mobile browser just go to www.nickcosper.com and you will have the full functionality of my real estate property searches, quick access to the Flagstaff foreclosure list as well as the Short Sales that are on the market. The mobile version is really optimized for Iphones, but should work well on all smartphones.

I hope this tool will be helpful while you are out and about checking out real estate. If you see a sign, just type in the street name and you will have all the info immediately!

Mortgage rates are staying pretty steady. There have been some minor fluctuations but they are basically the same as last week.

Flagstaff is no longer considered a distressed market by the PMI companies.

What does this mean for the consumer? Not much for most buyers but for some it can make the difference between you qualifying for a mortgage or not. For those that do not have 20% for a downpayment your options were typically limitied to FHA, USDA and possibly Homepath, unless you had a 700+ credit score and a low debt to income ratio. FHA was a very viable option for many, however for a lot of married couples the only way you can qualify is to use only one of the couples income and credit. FHA will automatically pull the credit and income of both parties in a marriage making a mortgage difficult if not impossible for couples where one person is self-employed, has poor credit, etc. Another more and more common scenario will be for those people that did a short sale on an FHA mortgage. If you did a short sale on an FHA mortgage you will not be able to obtain a new FHA mortgage for 3 years.

Now that Flagstaff is not a Distressed market it is much easier to qualify for a Conventional Mortgage with Private Mortgage Insurance. If you purchase with less than 20% down and a conventional mortgage you will have Private Mortgage Insurance. The change in classifying Flagstaff as a non-distressed market makes the qualification requirements for Private Mortgage Insurance much less stringent as well it lowering the PMI rate. With the non-distressed market tag on Flagstaff, consumers in either situation described above can qualify for a Conventional Mortgage, add the PMI and have a very similar mortgage to what the FHA mortgage would have been.

Mortgages are getting easier to obtain. Even if you have completed a short sale buying may not be out of the question.

Contact me or Jeremy Magness at Academy Mortgage Office: 928-226-6908 Cell: 928-310-4206 to see what we can do to help!

For the first time in many years Last months Median sales price was higher than it was in 2010. There were a similar number of sales and the median sales price was $2,000 higher than April $2010. This small increase from $263,000 to $265,000 is not a big number but it is significant in that it is up at all. Could this be the bottom? Who knows, but it is a good sign that things could be changing, especially for sellers!

Much of the market is currently Distressed Sales. Nearly half of the sales were either Short Sales or Bank owned properties. Only 13% of the listings in MLS are distressed, but half of the sales are.

Mortgage Rates are still very good, even getting better sometimes week to week, inventory is high making this an incredible time to buy. There are many different financing options available.

Rates are DOWN! Rates have been slowly decreasing recently making this a great time to start looking!

Contact Jeremy Magness in the Buyers -> Lenders section to get preapproved so you are ready to jump on that great deal as soon as it hits the market!

I just developed and launched a sister site to Nickcosper.com, it is www.helpflagstaffavoidforeclosure.com.

The site is dedicated to providing information and avenues of assistance for homeowners that are currently struggling with their mortgage. Odds are you know someone that is struggling to is not making their mortgage payments. 1 in 6 homeowners today are behind on their mortgage, most likely one of your neighbors, family members, friends or even yourself may be in this situation. There are alternatives to foreclosure or walking away. Take a look at www.helpflagstaffavoidforeclosure.com and contact me to see how I can help you.

I haven't added rates in a while, but rates are very good. Lower than a few months ago. A great time to get a mortgage!

Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

1.     Have a verifiable hardship, like unemployment, medical bills, or relocation

2.     Must have a monthly income shortfall

3.     Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

1.     Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale

2.     Gather financial information (i.e., bank statements, pay stubs) from at least the last three months

3.     Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford

4.     Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency

5.     Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

IMPORTANT GOVERNMENT DISCLOSURE:You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

I have taken a couple of weeks away from the office and updates from the website to spend time with the most recent addition to my family.

Brock Nicholas Cosper was born on 4-14 and is bundle of joy. I am now back at the office and will be back to updating the site with relevant information.